Greensill Creditors Made Over $1.4 Billion In Claims In Australia Meeting: Administrator

Administrators of collapsed British supply chain financier Greensill said on Friday 34 creditors submitted claims of more than A$1.75 billion ($1.35 billion) in a meeting with the company’s Australian parent, Greensill Capital Pty.

Grant Thornton, who were appointed administrators earlier this month, said in an emailed statement the claims had not been verified and excluded claims of employees of the Australian company, 35 of whom had been made redundant.

Greensill’s Australian parent provides administration and head office support to the London-based group that collapsed earlier this month after losing insurance coverage for its debt repackaging business, but operates “only in a limited capacity”, the statement said.

A small number of staff had been kept to support the administrator, it added.

A creditors committee had been appointed on Friday at the first virtual creditors meeting, which includes representatives of SoftBank, Credit Suisse, another unnamed creditor, and a representative of employees.

Japan’s SoftBank is a “significant” creditor of the parent, and Credit Suisse holds security over some of its assets, according to a March 11 regulatory document filed by Grant Thornton.

Also present at the meeting were the Australian Taxation Office, Australia’s corporate regulator, the Attorney General’s department and the Association of German banks.

Grant Thornton also said it would provide a report to creditors in about three weeks and a second meeting of creditors would be held on April 22, where they would vote on whether to liquidate the company or accept a restructuring proposal.

“The administrators confirmed to creditors that, at this stage, they had not received a Deed of Company Arrangement proposal for consideration,” the statement said.

-Reuters